EBay to buy more of Internet Auction

CarolynPritchard

SAN FRANCISCO (CBS.MW) -- EBay said late Wednesday it has filed tender offer documentation in Korea to buy the remaining publicly-held shares of Internet Auction for a total of $41 million in cash.

The offer is only open in Korea, with the tender period expected to start Sept. 14 and end Oct. 5.

On Aug. 31, San Jose, Calif.-based eBay
EBAY, -1.44%
agreed to buy 3 million shares of the company from a collection of institutional traders for $325 million in cash.

EBay currently owns more than 97 percent of Internet Auction's outstanding stock, the firm said in a statement Wednesday.

The company plans to have Internet Auction voluntarily delist from South Korea's Kosdaq market.

EBay said once again that it does not expect the purchase of Internet Auction shares to affect the earnings forecast it issued on July 21.

The company said it expects to report third-quarter net earnings as high as 24 cents a share on sales of $770 million. Pro forma earnings were forecasted to come in as high as 25 cents a share for the period.

For the year, eBay said net earnings could be as high as $1.10 a share with pro forma earnings as high as $1.17 a share on sales as high as $3.19 billion.

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